-638
No. 7 of 1891.
BANKRUPTCY.
Declaration and distribution of dividends.
[46 & 47 Vict. c. 52 s. 58.]
(c) employ a solicitor or other agent to take any proceedings or business sanctioned by the Committee;
(d) accept as the consideration for the sale of any property of the bankrupt a sum of money payable at a future time, subject to such stipulations as to security and otherwise as the Committee may think fit;
(e) mortgage or pledge any part of the property of the bankrupt for the purpose of raising money for the payment of his debts;
(f) refer any dispute to arbitration and compromise all debts, claims, and liabilities on such terms as may be agreed upon;
(g) make such compromise or other arrangement as may be thought expedient with creditors or persons claiming to be creditors in respect of any provable debts;
(h) make such compromise or other arrangement as may be thought expedient with respect to any claim arising out of or incidental to the property of the bankrupt made or capable of being made on the trustee by any person or by the trustee on any person; and
(i) divide in its existing form among the creditors, according to its estimated value, any property which, from its peculiar nature or other special circumstances, cannot be readily or advantageously sold.
(2) The permission given for the purposes of this section shall not be a general permission to do all or any of the above-mentioned things, but shall only be a permission to do the particular thing or things for which permission is sought.
Distribution of Property.
51.—(1) Subject to the retention of such sums as may be necessary for the costs of administration or otherwise, the trustee shall, with all convenient speed, declare and distribute dividends among the creditors who have proved their debts.
(2) The first dividend, if any, shall be declared within 4 months after the conclusion of the first meeting of creditors, unless there is a sufficient reason, approved by the Court, for postponing the declaration to a later date, and subsequent dividends shall, in the absence of sufficient reasons to the contrary, be declared and distributed at intervals of not more than 6 months.
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